In line with the EU Digital Finance Strategy and the EU Retail
Payments Strategy, the European Commission has just launched a
series of consultation documents primarily aimed to collect market
feedback on open finance rules and on any potential amendments to
the EU Payment Services Directive 2015/2366 (“PSD
2”) – which directive sets out the legal
foundation for the development of an integrated internal market for
payment services within the EU and inter
alia sets out rules on licensing regimes for payment
institutions, open banking, and rights and obligations of payment
services users and providers.
PSD 2 was adopted in 2015 however most of the rules were
transposed in Malta and implemented in 2018. Across the years since
the adoption of PSD 2, the payments market has generally witnessed
an influx of new market players, such as FinTech and BigTech firms
employing a vast array of new payment technologies, including
digital or pass-through wallets, mobile payment apps
